Inter-bank lending rates drop to eight-month low
Inter-bank lending rates drop to eight-month low
Inter-bank lending interest rates have slipped to an eight-month low in the wake of the central bank’s recent policy rate cut.
The rates for overnight, one-week and one-month loans in the inter-bank market last week declined by 0.47, 0.49 and 0.67 percentage points against the previous week to 1.28, 1.57 and 2.42 per cent, respectively, according to the latest monetary report by Saigon Securities Incorporation.
As per the central bank’s rate cut on July 10, the refinancing rate has been reduced from 6.5 per cent per year to 6.25; the rediscount rate from 4.5 per cent per year to 4.25; and other rates from 7.5 per cent to 7.25 annually.
The maximum annual short-term interest rate for dong loans to meet customer demand for capital in prioritised sectors, including agricultural, export and auxiliary industries, small- and medium-d enterprises (SMEs), and high-tech firms, has also been cut by 0.5 percentage points to 6.5 per cent.
After the central bank’s decision, many commercial banks such as Vietcombank, Agribank, VP Bank, Sacombank and LienVietPostBank have brought down their lending rate by 0.5-1 percentage points.
